- Under a deal with NY Attorney General Eric Schneiderman, Citigroup's (NYSE:C) Citibank is set to announce new screening processes for checking and savings accounts which will be more forgiving of customers' histories.
- It's the 2nd bank to cut a deal with the AG, who says previous requirements often shut out low-income applicants and forced them into high-cost alternatives
- Citi's new rules are set to begin on March 15, and will change how Citibank uses information from consumer-reporting agency ChexSystems. Under the agreement, Citi will only decline applicants if they have two or more reported incidents of abuse in recent years, the total combined loss exceeds $500, and the losses remain unpaid.